Rightmove says the UK housing market is expected to return to normal activity levels in 2022 but will remain busy as strong demand for buyers continues into the next year and the number of homeowners appears to be growing.
The real estate website said the market is entering a “less hectic” phase after 18 “hectic” months, with a fairer balance between buyers and sellers as more homes become available for sale and sale. Higher interest rates require some of the waste heat of consumer demand.
He said a return to more traditional terms is a sign that the market saw the “general decline in December”, with average house prices down 0.7% – or £ 2,234 – over the past month.
However, this UK number includes regional differences: in London and Scotland, typical asking prices have fallen further – 1.6% and 3.5% respectively – but in other regions such as the East and West Midlands they have fallen. it has risen to 1.6% in the past month.
Separately, the UK Finance banking group said a strong sales year of 2021 would make it the highest ever year for mortgages.
He predicted that there would be $ 316 billion in gross mortgages this year.
It said, however, that mortgage arrears are expected to rise 26% in 2022 from this year and rise to 102,000 from around 80,800 in 2021, while home foreclosures are projected to increase 267% to 7,700 in 2022, compared at an estimate of 2,100 this year.
Its data follows a series of surveys that have drawn a real estate market that continues to outperform many experts’ forecasts. Last week Halifax released data showing average UK house prices at 3.4% in the three months to the end of November in the UK, the highest quarterly rate since late 2006. Competing domestic lenders said the prices have continued to rise in November and are now 10%. more than a year earlier.
Rightmove said it expects a “more normal” market in 2022, even if that doesn’t mean a significant slowdown in the industry – it previously predicted that home prices would rise 5% nationwide next year. However, he believes that “the price increase of sellers’ pricing power will be achieved through greater accessibility for buyers and better choice of properties for sale.”
The website, which claims to advertise 95% of all properties for sale, said requests from homeowners with real estate agents to value their homes increased 19% over the same period last year. He suggested that “more people will choose to move in the new year”.
It said buyer demand and market momentum will remain “strong throughout 2022,” with November data showing a 41% increase in buyers from 2019 and 3% from 2020.
Tim Banister will increase, contribute to a return to greater normalcy, which befits many transfer passengers.
The stamp duty holiday announced by the government in July 2020 is credited with boosting the housing market and rising prices.
In addition to the stamp duty holidays – which ended on September 30 in England and Northern Ireland – several factors have also boosted the market, including government mortgage guarantees and a pandemic appetite for a new lifestyle. gardens and more space to work from home.
Rightmove said the average house price in the UK is now £ 340,167, up from £ 342,401 a month ago, with the annual rate unchanged at 6.3%.